Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) said its portfolio company GameOn Entertainment Technologies (CSE:GET) (FRA:9E7) has announced a partnership with NFT platform Blockparty to launch a first-of-its-kind NFT Predictor product.
By harnessing the power of non-fungible tokens (NFTs) and blockchain technology, the company said sports and entertainment rights holders can now turn their digital collectibles into valuable assets to be collected, traded, and utilized by fans via a unique predictive gaming product that brings them closer to their favorite sports, TV, and live events.
“We’re bullish that utility is paramount in any successful collectibles experience,” said Matt Bailey, CEO of GameOn, in a statement.
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“IP holders are demanding new ways to harness blockchain technology and digital collectibles, not just minting and selling NFTs. Our predictive gaming platform that’s built, tested and in the market, allows the gamification of NFTs and helps IP holders create a more rewarding, authentic and engaging experience for their fans, whether it’s for sports, TV or live events,” Bailey added.
Victory Square said the NFT Predictor, spearheaded by Santiago Jaramillo, former Head of Sports at Dapper Labs (NBA Top Shot), enables fans of rights holders, who partner with GameOn to build up their collection by acquiring NFTs -- images, video, or audio -- by either purchasing packs or via a marketplace.
From there, they leverage those assets to make predictions about upcoming events and are rewarded with exclusive NFTs for finishing high on the leader board. Completed collections of high-value NFTs can then be traded in for real-life rewards including tickets, merchandise, and other exclusive offerings.
Victory Square said GameOn will leverage Blockparty’s platform to issue NFTs on the blockchain, allowing content partners to add permanent, tamper-proof watermarks to the collectibles to ensure legitimacy. This will give fans, creators, and collectors a way to validate the collectible’s rarity and authenticity while using them as a utility in predictive gaming.
“Our mission is to empower brands to form deeper connections with their communities and fans through digital collectibles,” said Vladislav Ginzburg, CEO of Blockparty. “We’re so excited to partner with GameOn, a company as equally passionate about utility-driven NFTs, to give sports and entertainment rights holders the opportunity to use digital assets in a first-of-its-kind game experience while driving deeper engagement between fans and their favorite content.”
NFTs' popularity
NFTs and digital collectibles exploded into the culture, particularly sports, in early 2021, thanks to the popularity of NBA Top Shot, where users would unpack, collect and trade basketball highlights called Moments. A LeBron James’ dunk made headlines in April when it sold for more than $387,000 in NBA Top Shot’s peer-to-peer marketplace.
Digital collectibles are utilized in sports as organizations, leagues, and athletes see value in this new fan engagement with the New Jersey Devils becoming the first NHL organization to sell an NFT in May and Major League Baseball announcing a long-term deal with Candy Digital in June.
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